Citizens has reaffirmed a Market Outperform rating for AMN Healthcare Services with a $22.00 price target, maintaining its positive stance despite recent share-price weakness. The stock is trading at $16.25 and has declined by more than 20% over the past week, a drop Citizens notes has occurred even though AMN is trading at a relatively low revenue multiple.
In its research note, Citizens points to signs that the broader healthcare staffing industry is moving toward stabilization after multiple years of secular decline. The firm says AMN has provided encouraging commentary about that possible stabilization, and the company has also outlined an intermediate-term growth algorithm that Citizens referenced in keeping its view on the shares.
Citizens analyst Constantine Davides maintained both the Market Outperform rating and the $22.00 price target on AMN. At the same time, Citizens acknowledged a more tempered margin outlook for 2026 and 2027, which informed the $22 target level; Citizens did not change its revenue projections for those years.
The broker-dealer landscape shows some divergence. BMO Capital lifted its price target on AMN to $25 and kept an Outperform rating after management presented at a competitor conference. According to BMO, that presentation laid out expectations for 2026 and beyond and emphasized revenue growth driven by a normalized fourth-quarter 2025 run rate. Citizens, by contrast, moved to a lower price target of $22 on a more cautious view of margins even as it left revenue assumptions intact.
Separately, AMN announced a planned change to its board. Director R. Jeffrey Harris will retire and will not stand for re-election at the 2026 annual meeting. The company said it intends to nominate Eric Palmer, an executive with more than 25 years of experience in healthcare services, for election to the board.
AMN also updated its corporate bylaws to conform with recent changes in Delaware law. The amendment affects procedures for shareholder meetings and director nominations, and the company framed the moves as part of ongoing strategic and governance adjustments.
Additional market commentary included a note that, per InvestingPro, AMN appears undervalued based on its Fair Value estimate.
Context and implications
Citizens' retention of an Outperform rating and a $22.00 target comes against a backdrop of volatile share performance and differing broker estimates. The firm highlighted potential stabilization in staffing demand and reiterated that the company set out an intermediate-term growth algorithm. Management disclosures, board changes, and bylaw updates were also cited as part of AMN’s recent corporate activity.